ECON2302
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Principles of Microeconomics
Department(s)
Course Description
(3-3-0) Core Area 080 This course is taken for academic credit. Students will earn an A, B, C, D, F, or W. Analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures and international trade.
Academic Level
Undergraduate Credit
CIP Code
45.0601 - Economics, General
Course Type (Attributes)
General Academic (ACGM) (ACGM)
Locations
Athens (01), Palestine Satellite (02), Terrell Satellite (03), Online (06), Dual Credit - High School (09)
This is a Coursedog only field and is not integrated with the SIS.
Objective
Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making.
Objectives
Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making.
Objective
Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
Objectives
Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
Objective
Summarize the law of diminishing marginal utility; describe the process of utility maximization.
Objectives
Summarize the law of diminishing marginal utility; describe the process of utility maximization.
Objective
Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue.
Objectives
Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue.
Objective
Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production.
Objectives
Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production.
Objective
Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis.
Objectives
Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis.
Objective
Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis.
Objectives
Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis.
Objective
Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods.
Objectives
Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods.
Objective
Identify the benefits of free trade using the concept of comparative advantage.
Objectives
Identify the benefits of free trade using the concept of comparative advantage.